At present，a series of “anti-globalization” phenomena have emerged in the development of globalization of which trade protectionism and Sino-US economic and trade disputes are particularly worthy of attention. The ongoing economic and trade disputes between China and US would have major impact on both sides and world economy. With an in-depth analysis of reasons，the US-China trade deficit is mainly determined by the international division of labor system，but also the inevitable result of the international currency dominance of US dollar，in addition to the misjudgment of data statistical method. The trade deficit is not the reason for launching “trade war” which，in essence，is still due to problems occurred in global governance system. Rethinking the system formed after WWII，the concept and practice of unilaterally pursuing national interests are not conductive to the common development of all countries in the world while the open cooperation and win-win are the direction of the reformation of global governance system. Therefore，the global governance system needs to be adjusted，improved and reshaped. The next decade would be the decade of profound reshaping of global governance system. We must establish a concept of openness，tolerance，inclusiveness，equality and win-win，increase the scale and adhere to common governance. China is contributing “Chinese wisdom” to global governance and actively demonstrating “Chinese action” as the participant，promoter and leader of the global governance change process.